Financial advisers are an important partner to clients going through a life insurance claim.
AFA Chief Executive Officer Brad Fox said one of the key roles of advisers is helping clients achieve better outcomes when dealing with insurance companies. “Advisers know the life insurance needs of Australians better than anyone else, including the need for a more supported claims experience and a better end result,” he said.
Mr Fox said Australians can be in the dark over how much insurance cover they have, if any, but when they engage with an adviser who considers their personal needs, it becomes much clearer.
“Gaps in life insurance coverage are common, as Australians move through life stages and either do not get the cover they need to meet their change in personal circumstances, or do not understand what the cover they have will actually entitle them to in the event of illness or accident.”
Mr Fox said while many Australians have some insurance cover through their superannuation fund, they need to understand what this cover is and what it entitles them to in a time of need. Speaking with a financial adviser can help them identify gaps and, the adviser can, if appropriate, put other policies in place to help fill those gaps.
Advisers are also real advocates for Australians in the claims experience, working with their clients to ensure the best outcome is achieved.
“There is no one else in the claims experience that offers the service that advisers do,” Mr Fox said. “If you are in the unfortunate position of having to make a claim, you want an expert on your side, helping you navigate through financial and emotional stress.”
Mr Fox said that ultimately, financial advisers provide peace of mind. “They help clients to become properly insured and clients will also find that if they do have to file a claim, they are more likely to have the right policy, with the right advocate, working for them. And this is a great outcome deserved by all Australians.”
